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Mistakes can be made by anyone and the accident you least expect to happen could be waiting for you just around the corner. When you own a business, regardless of the size of that business, these mishaps can lead to physical or psychological issues that can cause major financial devastation.
Anyone you or your employees encounter can make a claim or file a lawsuit against your company for a number of reasons. You may be liable for anything from medical expenses to treat an illness or injury to failure to fulfill contractual promises.
Commercial liability insurance is the best way to keep your business standing strong when a challenging situation arises. The legal damages that you are required to pay and the cost of the associated legal defense will all be covered.
General liability coverage is crucial to sustaining the financial health of your business. As a business owner, you will be protected against claims of personal injury liability and advertising injury liability, such as false advertising and slander. You will also be protected against claims of liability for property damage and bodily damage.
If your organization sells or manufacturers products or if you provide a service, you could one day find yourself facing a products or completed operations claim. If someone seeks compensation from you because a product that you built or sold turned out to be defective and someone was injured or their property was damaged, it could lead to problems for your company. If the work that you or someone working for your company is claimed to be faulty and leads to personal injury or property damage, the results of those claims could be devastating.
Products liability coverage can be included as a part of your commercial liability insurance. You may also choose to have your products and completed operations insurance written on its own form. Product liability coverage will protect distributors, manufacturers and wholesalers at risk for legal action by anyone who has been injured or suffered some kind of loss due to use of their product.
Completed operations coverage is necessary to protect your company against claims of property damage or bodily injury after project completion that results due to some form of negligence while the work was being performed. For instance, if you are a contractor that built a deck for a client, but the railing was not properly secured. If someone leans on the railing and it gives way, they could be seriously injured. You and your company would be held accountable for such an incident, which means you would have to pay a mountain of legal fees and medical bills. However, your commercial liability insurance policy would respond if it includes products and completed operations coverage.
As a business owner, you need personal injury liability coverage to protect you from lawsuits that claim slander, libel and defamation. You also need it to protect you against issues that involve spiteful prosecution, unlawful imprisonment and false arrest. Claims of invasion of invasion of privacy are also covered by personal injury liability coverage. If you own a business, personal injury liability is essential to enhance your commercial insurance package.
Many different businesses handle privacy matters on a regular basis. For instance, a pharmacist or doctor can be sued by a patient for personal injury if they reveal personal medical information. If someone working for you violates a privacy agreement or shares confidential information, your company could face claims of personal injury.
Professional liability insurance is more commonly known as errors and omissions insurance. This type of coverage is essential for any company that provides personal or professional services. This type of commercial liability insurance coverage will protect your company if one of your clients is injured by a service or advice provided by you and you are found to be legally liable.
In general, your professional liability insurance will cover three main factors, which include defense costs, negligence and previously performed services. You will be covered for alleged advice or mistakes made by your organization through the professional services that you provide. Regardless of who is found to be at fault, defense costs of lawsuits made against your company are covered. The previous, current and future work performed by your company can all be covered in a single commercial liability insurance policy.
The number of lawsuits that professionals face has increased substantially within recent years. A good commercial liability insurance policy that contains all of the essential elements is the best way to take proactive action that will protect your business from financial ruin. It does not matter which industry your business is in because any company these days may find themselves looking head-on at a lawsuit without a moment's notice.
Many small business owners may feel that commercial insurance is a luxury that is only affordable to the larger, more established corporations. However, it is important to make sure that your business is properly protected regardless of the size of your company, the length of time it has been in operations and the amount of funds in the budget.
Without proper insurance, a catastrophic loss could mean closing the doors on your company forever. If a customer slips on your office floor or if one of the products you sold is faulty and causes an injury, you could lose everything that you have worked so hard for to build your business into what it is today.
Commercial liability insurance is a crucial part of any business plan. It can save your company and protect your flow of income when an unexpected catastrophe hits. When disaster does strike, you will have the peace of mind knowing that you have someone on your side to help you get back on your feet.